Maxie’s Game World sold games to a customer on credit for $3,400, terms 1/10, n/30 and the cost of the games was $2,500. When recording the collection from the customer made within the discount period, in its cash receipts journal, Maxie’s would enter:

Multiple Choice

$3,400 in the Cash Dr. column and $3,400 in the Accounts Receivable Cr. column.

$3,366 in the Cash Dr. column and $3,366 in the Accounts Receivable Cr. column.

$3,366 in the Cash Dr. column, $34 in the Sales Discount Dr. column and $3,400 in the Accounts Receivable Cr. column.

$3,400 in the Accounts Receivable Dr./Sales Cr. column and $3,400 in the Cash Cr. column.

$3,400 in the Cash Dr. column. $2,500 in the Sales Cr. column, and $2,500 in the Cost of Goods Sold Dr./Inventory Cr. column.

Answer rating: 100% (QA)

Option C 3366 in the Cash Dr column 34 in the ... View the full answer